Rivian Automotive (NASDAQ:RIVN) Shares Up 4% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 4% on Monday . The company traded as high as $17.20 and last traded at $16.95. 43,062,234 shares traded hands during mid-day trading, an increase of 45% from the average session volume of 29,743,455 shares. The stock had previously closed at $16.30.

Analysts Set New Price Targets

RIVN has been the subject of several research reports. Weiss Ratings cut shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. TD Cowen upgraded shares of Rivian Automotive from a “hold” rating to a “buy” rating and boosted their price target for the company from $17.00 to $20.00 in a report on Tuesday, March 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, February 13th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The stock has a market capitalization of $21.03 billion, a P/E ratio of -5.80 and a beta of 1.62. The stock’s fifty day moving average is $15.28 and its 200-day moving average is $16.30.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 5,544 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $13.43, for a total transaction of $74,455.92. Following the completion of the sale, the chief financial officer owned 902,630 shares of the company’s stock, valued at $12,122,320.90. The trade was a 0.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 127,217 shares of company stock valued at $1,965,848 in the last ninety days. Company insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. grew its position in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the last quarter. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $27,000. SOA Wealth Advisors LLC. boosted its stake in Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive in the 3rd quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $33,000. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.